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Electric car insurance? Check the new-value scheme

May 26, 2023
3 min reading time

More and more Dutch people are going electric. Besides the environment, it is also good for finances. Electric cars are cheaper per kilometer and cheaper to maintain. However, buying an electric car is not cheap. Get a good car insurance and pay attention to the following.

Like fossil fuel cars, electric cars must be insured at least third-party. Typically, it is wise to insure your electric car all-risk. Electric cars are often not that old and relatively expensive to purchase. In addition, repair costs after damage are often higher. With an all-risk coverage, the repair costs are often fully covered, depending on the conditions and apart from the possible excess.

Check the new-hire policy

Is your electric car stolen or totaled? With the new value settlement, you receive compensation that allows you to buy a comparable car. The standard period for this scheme is one year. After that, you get less compensation. Many electric cars decline little in value in the first few years. To ensure that you will be able to buy a comparable car after that time, you can extend the new-value settlement. This can be done for two to three years, in exchange for a higher premium.

Insurers generally set a maximum that they will pay out under the new-value scheme. This amount can vary greatly among insurers. Comparing them is worthwhile. Are you buying a used electric car? See if you can extend the original value scheme. This is the new value scheme for used cars. In the first year you get the purchase value back in case of theft or total loss of the car.

What accessories are included in the insurance?

When insuring your electric car, pay attention to coverage for accessories. With many car insurers, charging cables are co-insured if you have at least limited hull insurance. However, this is not always the case. Good to check this in the terms and conditions.

Insuring the battery

If the battery was installed immediately upon delivery of the car, then it is generally covered as standard. It can also be a rented battery, so it is not covered by the car insurance. It is best to insure the battery with the owner or lessor of the battery.

Charging station insurance: contents or building insurance?

Without charging stations, you won't get very far with an electric car. A private charging station must be insured separately. A fixed charging station on the property of your own home can be insured on your home contents insurance. A mobile charging station or a fixed charging station at your apartment or rental property can be insured through your home contents insurance. In both cases, check whether the maximum amount for the insured charging station is in proportion to its value. The maximum amount you will be reimbursed can vary greatly from one insurer to another.

Car insurance premium for electric cars higher

An electric car tends to be more expensive to insure than a car that runs on fossil fuels. Reason for this is the average higher value of electric cars. In addition, the repair costs of electric cars are higher because more technical and specialized knowledge is required. Electric cars also tend to weigh more due to the weight of the battery. In a collision, this can cause more frequent (injury) damage. This increases the risk of higher damage costs.

Especially when buying car insurance for your electric car, comparison makes sense. Don't forget the terms and conditions. Can't see the wood for the trees and want to know which insurance suits you best? We will gladly find out for you.

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